South Korea's largest shipping company HMM has received shareholder approval to relocate its headquarters from Seoul to Busan. The move follows a labor agreement and is set for completion by year-end.
HMM Co., South Korea's largest shipping company, said Friday its shareholders approved a plan to relocate the company's headquarters from Seoul to Busan.
The proposal was approved at an extraordinary shareholders' meeting after management and the labor union reached an agreement last week.
HMM said it plans to complete the necessary legal procedures within this month and move the chief executive office to Busan, about 330 kilometers southeast of Seoul, by the end of the year.
The relocation follows the Ministry of Oceans and Fisheries' move from Sejong to Busan in December in line with President Lee Jae Myung's pledge to develop Busan into a major maritime hub in Northeast Asia. Smaller shipping firms, including SK Shipping Co. and H-Line Shipping Co., have also decided to relocate their headquarters to Busan.
Lee has expressed hope that HMM's relocation would strengthen the competitiveness of South Korea's shipping industry and support balanced regional development, while pledging government support for the company's relocation plan.
